Strategy Shrugs Off Israel-Iran Tensions, Adds Another $1 Billion In Bitcoin To Its Treasury

As the old adage goes: If a market does not fall too much on bad news, it indicates big players are probably going long. The saying holds true for Bitcoin treasury company Strategy, which on Monday announced it had expanded its holdings with a new 10,100 BTC buy amid escalating geopolitical tensions in the Middle East.

The price of Bitcoin, meanwhile, climbed above the $107,000 level on Monday following a volatile weekend.

Strategy Boosts Bitcoin Bet With Additional 10,100 BTC Purchase

Strategy — formerly MicroStrategy — said it bought 10,100 BTC last week for approximately $1.05 billion at an average price of $104,080 per digital coin, with Bitcoin slumping from $110,000 last Monday to $103,639 lows on June 12 after news that Israel had bombed Iran rattled the markets.

According to CoinGecko data, the world’s largest cryptocurrency was trading at $107,938 as of press time, up 2.3% in the past 24 hours. 

The Tysons, Virginia-based software company is the largest corporate holder of the cryptocurrency, and now focuses on buying the asset — at its highs and lows — so that investors can get exposure to Bitcoin via its Nasdaq-listed shares. 

Strategy now holds a total of 592,100 BTC, worth over $63 billion. The total stash was purchased at an average price of $70,666 per BTC for a total cost of roughly $41.8 billion, including fees and expenses. That’s equal to around 2.8% of Bitcoin’s total 21 million supply.

The latest haul comes after the company completed its new 10% Series A Perpetual Stride Preferred Stock (STRD) issuance. Targeted at long-term investors seeking high-yield, fixed-income opportunities, the offering consisted of 11.76 million shares and generated approximately $979.7 million in net proceeds after fees and expenses.

Growing Corporate Crypto Adoption

Since Strategy added a Bitcoin treasury, other public and private companies are following its lead by scooping up BTC to give shareholders better value for money.

Despite the recent crypto market meltdown, where Bitcoin plunged to around  $103,600 in a span of three days due to geopolitical tensions, institutional appetite for the apex crypto doesn’t seem to be slowing down.

Cantor-backed Twenty One, Trump Media, and video game retailer GameStop recently joined the likes of Semler Scientific and Metaplanet in mirroring Strategy’s Bitcoin acquisition model. Japanese investment firm Metaplanet also announced Monday it had snapped up an extra 1,112 BTC, boosting its total holdings above 10,000 BTC.

Several other companies have branched out to build corporate treasuries using other cryptocurrencies, including Ether, XRP, and Solana.